An Oslo Stock Exchange listed shipping company Ticker: OTS CEO: Haico Halbesma CFO: Torbjrn Skulstad Q1 2012 presentation Oslo 24th May 2012
CAUTIONARY STATEMENT This presentation contains forward looking information. Forward looking information is based on management assumptions and analysis. Actual experience may differ, and those differences may be material. Forward…
AGENDA Highlights Company overview Financials Market Outlook Tax, Bonds & Loans 3
HIGHLIGHTS Lay vessel North Ocean 105 delivered 20th of April and started a 5 year charter Improved demand for engineering services Delivery of a new 1250T modular transportable carousel Lower equipment utilization in Q1 as…
Company Overview subtitle
COMPANY OVERVIEW ENGINEERING Shipping segment Engineering segment Three CSV vessels through REVENUE USD 6,4M Focus on Oil & Gas and Offshore joint ventures plus two FSVs EBITDA USD 1,0M Renewables Solid clients (Oceaneering/BP…
Our Fleet: SHIPPING CSV Bourbon Oceanteam 101 CSV North Ocean 102 North Ocean Series CSV Southern Ocean High-end deep-water offshore construction & pipe lay LV North Ocean 105 tonnage series FSV Mantarraya FSV Tiburon Proven…
Oil & Gas ENGINEERING - SERVICES Engineering Renewables services KCI is an experienced engineering company focusing on the oil and gas industry, complex structures and the renewable energy industry: Complex Structures Design and…
Selected assets ENGINEERING -EQUIPMENT POOL Oceanteam has an equipment rental division with a deep-water base in Dundee, Scotland SMD 3 HD plough Oceanteam provides various equipment for installation and burial of pipelines,…
CHARTER STATUS Robust backlog with solid clients 10
Financials subtitle
OPERATIONAL HIGHLIGHTS Lay vessel North Ocean 105 delivered 20th of April and started a 5 year charter Improved demand for engineering services Delivery of a new 1250T modular transportable carousel. Lower equipment utilization in…
FINANCIAL SUMMARY Revenue Q1 2012 increased 21 % compared to same quarter last year Revenues mUSD EBITDA Q1 2012 increased 38 % compared to same quarter last year 20 Figures in USD million Q1 2012 Q1 2011 2011 2010 15 10 Total…
REVENUE & EBITDA BY SEGMENTS Lay Vessel North Ocean 105 vessel operational in Q2 2012 TOTAL Q1 TOTAL Q1 12 Segment information in USD '000 SHIPPING ENGINEERING 2012 2011 10 Million USD Q1 2012 Q1 2011 Q1 2012 Q1 2011 Q1 2012 Q1…
P&L REPORT END Q1 2012 Net finance costs include call premium costs USD 1.3M Figures in USD '000 Q1 2012 Q1 2011 Cum 2012 Cum 2011 Revenue 15 356 12 695 15 356 61 208 Total operating revenues 15 356 12 695 15 356 61 208 Operating…
BALANCE SHEET Q1 2012 Figures in USD' 000 31.03.2012 31.12.2011 Figures in USD' 000 31.03.2012 31.12.2011 300 Thousands USD Assets Equity and liabilities 250 Intangible assets 19 308 19 649 Total equity 109 953 112 958 200 150…
Market Outlook subtitle
H&D is strongest market in growth areas Average annual demand growth expected to be 11% in the H&D surf market, but marginal growth in 2012 OFFSHORE PIPELAY & SUPPORT MARKET Markets Vessels Harsh & Deep waters Shallow & Benign…
Lack of Harsh & Deepwater vessels expected from 2013, and about 65 vessels lacking in 2016 Base case has demand growth 2011-16 of 11% 13 new H&D pipelay vessels are needed in 2016, p.a. and fleet capacity growth of 5% p.a. based on…
Brazil is the dominating market for H&D reel-lay vessels H&D reel vessel demand per region 40 Transit 35 Asia Pacific No. of vessel years (300 days basis) Med. & MIE 30 West Africa Latin America 25 North America NW Europe…
SUBSEA FLEET OTS has modern and advanced fleet North Ocean Series now qualified as H&D Reel Lay, Multi service and Light Well Intervention No. of vessels Year Type 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015…
Global offshore wind farm cable demand Most of activity increase until 2015 in Southern North Sea 23
Tax, Bonds, Loans subtitle
LARGE TAX DEDUCTIBLE LOSSES Norway OTS has confirmed tax loss to carry forward of USD 144 million (NOK 866 million). The CSV vessels comply with the Norwegian Tonnage Tax regime with approx. 0% tax CSV 101, 104 and LV 105 are under…
BOND LOAN OT S A SA ( M N OK) Q4 ' 10 Q2 ' 11 Q2 ' 12 Q2 ' 13 Q2 ' 14 Bond loan (400) (400) (400) (400) (400) Call balance (21) (23) (57) (97) (141) OTS bonds 30 Out st and ing d eb t ( OB ) ( 3 9 1) (423) ( 4 57) ( 4 9 7) ( 54…
FOCUS GOING FORWARD Target market Large harsh- and deep-water Construction Support Vessels Market CSVs combined with in-house engineering know-how Grow contract back log Additional earnings from low-risk engineering jobs & new…
Thank you Oceanteam Shipping ASA Corporate headquarters Tveitarsveien 12 T +47 55 10 82 40 PO Box 463, Nesttun F +47 55 10 82 49 5853 Bergen E infooceanteam.no Norway WWW.OCEANTEAM.NO 28
Appendix: Bond loan 29
BOND LOAN In 2009 the OTS bond loan was restructured to NOK 400 million. Furthermore, it was added to an incentive structure that would compensate bondholders for the reduction in par value, consisting of a growing call premium, rising…
BOND LOAN CONT. The interest rate on the bonds increase every year in mid-December with 100 basis points (= 1%-points). Currently the interest rate is LIBOR + 5.75%-points after 19th of December 2011. If the loan is not redeemed before…
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